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Renminbisation des actifs internationaux de la Chine

  • Yin-Wong Cheung
  • Guonan Ma
  • Robert N. McCauley

[eng] Renminbisation of China’s international assets Since the 2008 global financial crisis, China has rolled out a number of initiatives to actively promote the international role of the renminbi and to denominate more of its international claims away from the US dollar and into the renminbi. This paper discusses the factors shaping the prospects of internationalising the renminbi from the perspective of the currency composition of China’s international assets and liabilities. These factors include, among others, underlying valuation and management of the renminbi. Classification JEL : F30, F31, F33, O24. [fre] Depuis la crise financière mondiale de 2008, la Chine a lancé plusieurs initiatives pour développer activement le rôle international du renminbi et pour libeller davantage de ses créances internationales en renminbi plutôt qu’en dollars. Cet article examine les facteurs qui influent sur les perspectives d’internationalisation du renminbi au vu de la composition en devises des avoirs et des engagements de la Chine. Ces facteurs incluent, entre autres, la valeur tendancielle et la gestion du renminbi. Classification JEL : F30, F31, F33, O24.

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Article provided by Programme National Persée in its journal Revue d'économie financière.

Volume (Year): 95 (2009)
Issue (Month): 2 ()
Pages: 135-155

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Handle: RePEc:prs:recofi:ecofi_0987-3368_2009_num_95_2_5349
Note: DOI:10.3406/ecofi.2009.5349
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  1. Guonan Ma & Zhou Haiwen, 2009. "China’s evolving external wealth and rising creditor position," BIS Working Papers 286, Bank for International Settlements.
  2. Wendy Dobson & Paul R. Masson, 2007. "Will the Renminbi Become a World Currency?," Working Papers Series 10, Rotman Institute for International Business, Joseph L. Rotman School of Management, University of Toronto, revised Dec 2007.
  3. Patrick McGuire & Goetz von Peter, 2009. "The US dollar shortage in global banking," BIS Quarterly Review, Bank for International Settlements, March.
  4. Yin-Wong Cheung & Antonio Garcia Pascual & Menzie David Chinn, 2004. "Empirical Exchange Rate Models of the Nineties; Are Any Fit to Survive?," IMF Working Papers 04/73, International Monetary Fund.
  5. Yin-Wong Cheung & Menzie D. Chinn & Eiji Fujii, 2008. "Pitfalls in Measuring Exchange Rate Misalignment: The Yuan and Other Currencies," NBER Working Papers 14168, National Bureau of Economic Research, Inc.
  6. Jeffrey Frankel, 2006. "On the Yuan: The Choice between Adjustment under a Fixed Exchange Rate and Adjustment under a Flexible Rate," CESifo Economic Studies, CESifo, vol. 52(2), pages 246-275, June.
  7. Yin-Wong Cheung & Menzie D. Chinn & Eiji Fujii, 2007. "The Overvaluation of Renminbi Undervaluation," NBER Working Papers 12850, National Bureau of Economic Research, Inc.
  8. Xiangming Li & Steven V Dunaway, 2005. "Estimating China's "Equilibrium" Real Exchange Rate," IMF Working Papers 05/202, International Monetary Fund.
  9. Steven Dunaway & Lamin Leigh & Xiangming Li, 2009. "How Robust Are Estimates Of Equilibrium Real Exchange Rates: The Case Of China," Pacific Economic Review, Wiley Blackwell, vol. 14(3), pages 361-375, 08.
  10. Morris Goldstein & Nicholas R. Lardy (ed.), 2008. "Debating China's Exchange Rate Policy," Peterson Institute Press: All Books, Peterson Institute for International Economics, number 4150, January.
  11. Naohiko Baba & Robert N McCauley & Srichander Ramaswamy, 2009. "US dollar money market funds and non-US banks," BIS Quarterly Review, Bank for International Settlements, March.
  12. Patrick McGuire & Goetz von Peter, 2009. "The US dollar shortage in global banking and the international policy response," BIS Working Papers 291, Bank for International Settlements.
  13. Olivier Blanchard & Francesco Giavazzi & Filipa Sa, 2005. "The U.S. Current Account and the Dollar," NBER Working Papers 11137, National Bureau of Economic Research, Inc.
  14. Meese, Richard A. & Rogoff, Kenneth, 1983. "Empirical exchange rate models of the seventies : Do they fit out of sample?," Journal of International Economics, Elsevier, vol. 14(1-2), pages 3-24, February.
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